In the last several months much has been written about the implications of the Tax Cuts and Jobs Act (TCJA). For owners of flowthrough entities (including sole proprietorships, partnerships, and S corporations) and indivduals, most of the commentary has focused on the new 20% deduction available for qualified business income (Sec. 199A). Of course, theRead more about US Tax Reform – The New GILTI Tax Regime[…]
Month: July 2018
Tax Compliance on Luxury Taxes
Properties and homes that are only used for the enjoyment of the owners and guests that are not held out as a rental property may be subject to an additional tax on the value of the property – Impuestos de Lujo or luxury tax. The luxury tax is based on the declared value of theRead more about Tax Compliance on Luxury Taxes[…]
Tax Compliance on Costa Rican Rentals
In Costa Rica, residential rental activity is subject to taxation. Depending on the nature of the rental, it may be subject to sales tax, income tax or both. All short-term rentals are subject to sales and income taxes, The definition of a short-term rental is still a bit unclear from an amount of time orRead more about Tax Compliance on Costa Rican Rentals[…]
Don’t Neglect Estate Planning
The federal estate tax exemption now exceeds $11 million per person. Accordingly, few individuals or married couples will owe this tax. Nevertheless, there is more to successful wealth transfer than reducing or eliminating estate tax. Ideally, you’ll want your assets to pass to the desired recipients with a minimum of turmoil and expense.
More Gift in the Gift Tax
The Tax Cuts and Jobs Act of 2017 increased the federal estate tax exemption to $11.18 million for 2018. That’s per person, so the combined exemption for a married couple can be as much as $22,360,000 worth of assets this year.